TNX is one of the big movers this morning, with a gap down open pushed the yield down to 3.402%. The 30 year mortgage rate, which is based on the 10 year bond has moved up to 5.21% now, from less then 5% at the beginning of the week, a full quarter point. With most banks honoring a holiday vacation for new foreclosures this month, home sells lagging, and prices still dropping in various regions around the country, increasing Mortgage rates damper any attempt of a housing recovery, or even the possibility of putting a floor underneath home prices.The Trendfinder is still bullish but any more downside could trigger a sell signal on the daily chart.
Click here for a live, and updated chart!!! So far this morning the SPX has been trading in a tight 2 point range, odds are favoring a breakout to the upside, but with today being OPEX, anything is possible, especially with the Holidays upon us low volume could amplify any large moves.
Updated look at the daily Fib fans on the SPX, there has not been any developments for the last couple of weeks, although yesterday the SPX did bounce off of the gray bullish Fib fan line of support. There is NO bearish Fib fans to provide resistance at this time, only bullish ones that are support.
The VIX made an inter-day low of $16.15. The are no gaps left to fill on the downside, but numerous ones to fill on the upside, the VIX is also down in that level that preceded the last major top in the SPX back in April. 
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